LAIYANG, China, Jan. 17, 2008 (PRIME NEWSWIRE) -- Genesis Pharmaceuticals Enterprises, Inc. (OTCBB:GTEC) ("Genesis" or the "Company"), a leading pharmaceutical company in the People's Republic of China, today announced that the Company and its CEO received several awards and recognition from the city and province in which the Company is located.
The Company was recognized as 'One of the Top Tax Paying Enterprises in 2007' by Laiyang City (Laiyang City is located in Yantai City), Shandong province, which is one of China's most dynamic commercial regions. In recognition of its business success and the high quality of its products, Genesis was nominated by the government of Laiyang City to be on the list of 'Top 100 Enterprises in Yantai City 2007.' The Company was awarded 2008 membership on the distinguished China Science Technology Investment Association under the State Planning and Development Commission.
Genesis' CEO, Mr. Wubo Cao, was selected to be a representative to the People's Congress of Yentai for a five-year term, through 2013. Mr. Cao also serves as a board member for the China Science Technology Investment Association under the State Planning and Development Commission, and Deputy Chairman for both the Laiyang Consumer and the Industrial and Commerce Associations.
At Laiyang's '2007 Year-End Economy Overview Conference,' the Mayor of Laiyang, Mr. Guoqiang Yang, commented, "Genesis Pharmaceuticals and Mr. Wubo Cao are great assets to the city of Yantai and Shandong Province. Mr. Cao is a person of great integrity with excellent leadership skills. His career is an inspiration to young entrepreneurs throughout China, and I am confident that Genesis' shareholders appreciate his ability to build a public company benefiting investors, stakeholders and employees. Mr. Cao is dedicated to making Genesis a successful pharmaceutical company."
In response to the awards and recognition received by himself and Genesis, Mr. Cao said, "I am grateful for support from and recognition by city and provincial government officials. Genesis is committed to our shareholders, and I look forward to visiting the United States, where I will personally meet with many of Genesis' Wall Street and Main Street supporters."
About Genesis Pharmaceuticals Enterprises
Genesis Pharmaceutical Enterprises, Inc. is engaged in the research, development, production, marketing and sales of pharmaceutical products in the People's Republic of China. Its operations are located in Northeast China in an Economic Development Zone in Laiyang City, Shandong province. Genesis produces tablets, capsules, and granules for both western and Chinese herbal-based medical drugs. The Company maintains a representative office in the United States.
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to introduce, manufacture and distribute new drugs. Actual results may differ materially from anticipated or predicted results, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's ability to obtain raw materials needed in manufacturing, the continuing employment of key employees, the failure risks inherent in testing any new drug, the possibility that regulatory approvals may be delayed or become unavailable, patent or licensing concerns that may include litigation, direct competition from other manufacturers and product obsolescence. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.